Medigap offers 10 plans that you can choose from (Plan A, B, C, D, F, G, K, L, M, and N). These 10 plans can cover some of the following:
- Medicare Part A coinsurance or copayment
- Medicare Part B coinsurance or copayment
- Medicare Part A deductible
- Medicare Part B deductible
- Medicare Part A hospice care
- Medicare Part B excess charges
- Foreign travel emergency
- Skilled nursing facility
- First 3 pints of blood for blood transfusion
When to enroll in Medigap
It is recommended that you enroll for Medigap during the open enrollment period, which lasts for six months after your Medicare Part B plan is effective or during the first month when you turn 65. During those six months, the insurance company will not be able to deny you coverage for any health condition and they cannot raise their rates due to your health conditions.
Choosing a Medigap Plan
There are a lot of Medigap plans to choose from, which can be overwhelming for many. Just be sure to remember that all plans are standardized. This means that no matter what company you choose to purchase a Medigap plan, they will still provide the same benefits. To begin the search, get quotes from your local insurance companies. As of this year, the most popular Medigap plans are Plan F, G, and N. Plan G seems to be the best option for most beneficiaries as it is the most comprehensive out of them all. Plan N has the lowest premiums, but you’ll have to pay for some doctor and ER visits.
If you and your spouse are both getting Medigap plans, you may be eligible for a household discount. Remember, Medigap policies do not include Medicare Part D, so you’ll have to purchase that separately.
Medigap vs. Medicare Advantage
There are two ways that you can add benefits to your Original Medicare plan: Medigap and Medicare Advantage. When you enroll in a Medigap plan, it will pay for leftover costs from Medicare. With Medicare Advantage (Part C), these private insurance policies pay for your healthcare services instead of Medicare. Enrollment with Medicare Advantage, you’re using their network of healthcare providers.
Deductibles & Copays
Most Medigap plans will assist you with copayments and coinsurance but will leave you with the deductible. Aside from Plan N, other Medigap plans with provide coverage to inpatient and outpatient copayments under Medicare. For Plan N, expect to pay copays of no more than $20 for doctor visits and $50 for ER visits.
Don’t be afraid to ask for help
Understanding Medicare and its benefits can be tricky, so it is advised that you get assistance before you enroll in any plan. You can either contact Medicare directly or speak with a professional health insurance advisor to ensure that you pick the best Medigap plan that fits your health needs.